6 Reasons Undercharging Hurts Your Coaching/Consulting Business – The Art of High Ticket Sales Ep. 6 | Big Money Investing Review
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five secrets for making a $100,000 plus as a consultant a coach and as a service provider I want to ask you a question very important question no answer how many of you believe you could charge more for what you do okay and how many you believe you deserve to charge more for what you do okay and how many of you if you do charge more for what you do you are you could and you willing to deliver more value to your clients yes and how many of you want to work with better and more qualified clients very good very good the king of high ticket sales world’s highest paid consultant media celebrity multi-millionaire entrepreneur ACC claim tedx speaker International bestselling author [Music] danlock so let me share with you the secret number one please write this down and there is start charging premium prices from day one from day when day one a lot of entrepreneurs sometimes they when they start their business they think in terms of well you know Dan you know I I’m new to this so I haven’t charged anyone yet so I should start at a what at a what lower lower rate so I can kind of earn my right to eventually to charge what I believe I’m worth or you know I was looking online Dan and and I saw other people charge X so and I don’t have much experience so I’m not going to charge as much I should charge they charge this I should just you know to to to to get some customers I’ll charge a little bit less than they do or you know I’m offering a new rate so I could just you know get some case studies and get some testimonials how many you said that to yourself before be honest yeah just over lower rate so I can just kind of build my portfolio yes okay oh yeah but people won’t P won’t pay that much for what I offer anyway they won’t pay that much what I do is not that important it’s not worth a lot of value the problem now there’s a time in place for a a a special offer I.E if you say you charge $5,000 and for someone when they take action right now you charge than $4,000 that’s it’s just it’s a marketing technique to create urgency yes that’s okay but this a big difference in terms of value when you think you want to charge 5,000 but then you charge 500 to start with that’s not that’s not a discount that it’s a difference in value does that make sense how the the market perceives you and here’s I’ll give you a perfect metaphor and before I get into that why I believe undercharging seriously harms your business and happiness there are five problems how many problems five problems you run into when you charge too little number one short client engagements because you don’t charge a lot so you’re always needing what new clients to pay the bills so because you don’t charge enough number two clients get minimum result results because it takes time to get results it takes time back then when I was doing a platform selling when I was doing platform selling and I would speak and we have let’s say 300 people in the room and I would make an offer I say hey you know go to the back of the room and placee buy my package at $2,000 and we have 10% 15% of people and they will Rush the back and and they would you know make an investment and buy the product the problem with that and why I got out of that what I noticed is people who buy my courses 90% of the people never even open it they do not use it they do not use it their success rate is so low and it bothers me I thought why are they making that investment yet they don’t use anything and I realize even it’s $2,000 to some people maybe a lot of money but the truth is for like we live in Vancouver it’s not a lot of money yes it’s 2K it doesn’t make a break it’s 2K so that’s the level of commitment that they have now here’s the problem if I’m just taking you behind the scenes to give you some inside info as a speaker if there is I’m speaking on other people’s platform the promoter okay the event promoter usually gets 50% of the sales you guys know that that’s how it works they get 50% of sales so the one $2,000 the promoter the event promoter gets keeps at ,000 bucks and I keep $11,000 yes now here’s the problem the $11,000 that investment when I sold 20 30 50 80 people in the room and they invest $1,000 and they want more help they want some additional help it’s very difficult for me to provide the additional help because my time is worth a lot even though I want to help them I can’t because that’s the investment that they’ve made does that make sense that’s the issue so I would be not being truthful if I tell you hey you know I I want to care about these clients it’s very difficult because that’s what they have invested does that make sense sometimes I don’t even know what they do they buy the package they fill out the order form I don’t know who they are I don’t know what they do I don’t know how I could help I I I can’t I can’t no different than someone they they go to kindo and they they buy one of my ebooks I don’t know who the who the they are I don’t know who they are right I just get a check every month from Amazon hey You’ sold X money ebooks because it’s a 10 $20 sale that’s why clients don’t don’t value you then they don’t show up and they don’t do the work let me ask a question how many have you done work for clients for free and they don’t appreciate it and you ban over backwards you try to go the extra mile at the end it comes to bite you in the ass that’s why write this down the more people pay for something the more they value it people vote with their wallets the more they pay for something the more they value it so you are actually doing them a disservice by charging them less because well you their client is not very committed then you are not very committed both are not very committed then how can you create results for them versus you have a very committed client and you are very committed now it’s a different relationship yes uh what if sometimes you charge high and actually their expectations here but then when they see your see your service and Serv that’s an excellent question what I’m talking about is my methodology tell you right now my methodology will 100% fail you if you don’t do great work if you work is don’t apply what I teach I’m serious it won’t work it only works if you’re truly awesome at what you do you truly deliver value because when you are charging that kind of prices yes do people have high expectations the only way that it would work the the overall underlying principle is you have to deliver results period as my mentor taught me years ago hey Dan no fee is is too high for success and almost any fee is too high for failure you have to deliver results meaning they follow what you do you provide a service you deliver your work you provide your expertise if they follow through if they take responsibility and they follow through are they going to get results if the answer is yes great if not it means that maybe you need to change what you do and you need to become better so you can charge what you’re worth yes so you need to develop yourself a little bit more right also you need a lot of clients because we’re not charging enough you need a lot of because since the income from each client is so low if you’re selling something for 500 bucks you want to make 10,000 well you need to sell a lot of clients a lot of clients and the problem is when you’re stuck in that selling mode I’m not saying don’t sell as an entrepreneur do we have to sell yes anybody not doing selling okay good we have to sell but you don’t want to be stuck doing that for a long time goes back to to the internet marketing Guru friend that I have the biggest difference between my lifestyle and his lifestyle he spends 90% of his time selling writing email doing offers let me do the webinar let me sell the Le program let me do the trial offer let me one more traffic let me do all these things I spend 90% of my time just serving I spend May 10 maybe 15% of my time selling most of what I do just serving the clients that I have make sure they get results is there a different in Focus yes that’s what I’m talking about last a new client makes very little difference to your income because well you know they spend a little bit of money not a lot of money you don’t care that much they don’t care that much and after a while kind of the guil kicks is oh man you know this is kind of paying the ass and I don’t want to do this I’m not making enough money but I kind of feel guilt I got to do this got to charge a little bit of money it becomes this cycle remember business is a game of margins not volume please write this down business is a game of margins not volume it’s not about Revenue it’s not about Revenue it’s at the end of the day how much money net you put in your pocket you’ll take on pay you take on pay does that makes sense so far yes hello yes okay hi this is danlock welcome to danlock TV I want you to subscribe to my YouTube channel now you might ask why should I every week I’ll post two new videos all focusing on helping you becoming a better entrepreneur you will be challenged and you will be inspired and you will be motivated more importantly you’ll get practical ideas and strategies that will take your business to the next level so go ahead hit the Subscribe button turn on the notification so you don’t miss out on single episode I promise you you won’t regret it [Music]Welcome to Big Money Investing – Your Ultimate Destination for In The Money Facts!
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